Fair presentation framework
Fair presentation framework is a financial reporting framework that requires compliance with the specific requirements of the applicable financial reporting framework and acknowledges that, to achieve fair presentation, it may be necessary for management to
-provide disclosure beyond these requirements, or
-in scarce circumstances, to depart from these requirements [Eca. Europa. Eu.].
Fair presentation framework is such a framework that requires compliance with the provisions of the framework, but in addition that it acknowledges that:
-in achieving fair presentation, management might have to make such additional disclosures that are not explicitly required by the framework; and
-in scarce circumstances, it might be necessary to depart from the requirements of the framework to achieve fair presentation of the entity’s financial position and performance in the financial statements [Pakaccountants].
Financial reporting framework. Eca. Europa. Eu. Retrieved from: https://methodology.eca.europa.eu/aware/FA/Pages/Concepts/Financial-reporting-framework.aspx
What is the difference between a Fair presentation framework and a Compliance framework? Pakaccountants. Retrieved from: https://pakaccountants.com/difference-fair-presentation-vs-compliance-framework